Stocks Are More Crash-Prone Than Ever," Fleckenstein Slams "Fed's Idiot Policies" - By Tyler Durden (19/9/14) PDF Print E-mail
Tyler Durden   
Friday, 19 September 2014 08:56

Zero Hedge

Infamous short-seller Bill Fleckenstein left a CNBC anchor questioning her faith in the status quo in this brief interview. As she pestered him with questions about 'missing out on the rally', Fleckenstein snapped back "so what? I don't care, it doesn't matter" asking rhetorically "when the market declines, how fast will it all be taken away from you?" Fleckenstein warned "I don't think we will get through October without some accident," adding that "the stock market is more crash-prone than ever." When pressed again about sitting on the sidelines, Fleckenstein rebukes, "if you want to pursue idiots like the Fed doing crazy policies, and if you think you can get out in time, go for it. I don't want to try to do that."

As CNBC notes, some traders might regret missing out on what may go down in history books as the bull market of a lifetime, but "I'm not kicking myself," he said. "I don't care, it doesn't matter."

"I don't have to play every day," he added.





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Lurking Beneath The Taper: More Trouble In Repo Land - By Jeffrey Snider (19/9/14) PDF Print E-mail
Jeffrey Snider   
Friday, 19 September 2014 08:54

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The Taylor Rule Is Downright Dumb: Just Another Formula For Monetary Central Planning - By Mateusz Machaj (19/9/14) PDF Print E-mail
Mateusz Machaj   
Friday, 19 September 2014 08:49

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The REAL Reason Britain Is Freaking Out About Scottish Independence - By George Washington (18/9/14) PDF Print E-mail
George Washington   
Thursday, 18 September 2014 09:10

Zero Hedge
 
David Cameron and the British media have been freaking out about the potential Scottish independence.

They've blathered on about "history", "common defense" and other red herrings.
But it's really all about oil ...

Specifically, if Scotland becomes independent, it gets to keep 90% of the revenues from its huge oil reserves.

The New York Times reports:

Scottish nationalists have long argued that being governed from London has deprived their country of its fair share of the wealth from Britain’s oil and natural gas fields, which mostly lie in North Sea waters off their shores.
 



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Babson’s Warning - By Jeff Thomas (17/9/14) PDF Print E-mail
Jeff Thomas   
Wednesday, 17 September 2014 06:52

Doug Casey International Man

[A] crash is coming, and it may be terrific. .... The vicious circle will get in full swing and the result will be a serious business depression. There may be a stampede for selling which will exceed anything that the Stock Exchange has ever witnessed. Wise are those investors who now get out of debt.

The above words could easily have been stated by me or another of the (very) few others who currently predict the coming of crashes in the markets.

But they were not. The statements above were made by investor Roger Babson at a speech at the Annual Business Conference in Massachusetts on 5th September, 1929.

Mr. Babson’s prediction was not a sudden one. In fact, he had been making the same prediction for the previous two years, although he, in September of 1929, felt the crash was much closer.

News of his speech reached Wall Street by mid-afternoon, causing the market to retreat about 3%. The sudden decline was named the “Babson Break.”

The reaction from business insiders was immediate. Rather than respond by saying, “Thanks for the warning—we’ll proceed cautiously,” Wall Street vilified him. The Chicago Tribune published numerous rebuffs from a host of economists and Wall Street leaders. Even Mr. Babson’s patriotism was taken into question for making so rash a projection. Noted economist Professor Irving Fisher stated emphatically, “There may be a recession in stock prices, but not anything in the nature of a crash.” He and many others repeatedly soothed investors, advising them that a resumption in the boom was imminent. Financier Bernard Baruch famously cabled Winston Churchill, “Financial storm definitely passed.” Even President Herbert Hoover assured Americans that the market was sound.



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